As William Black, a
regulator during the Savings & Loans Crisis explains within
this Video – the major cause of these financial crises
are fraud and deceit.

It needs to be borne in mind,
however, that the finance sector didn’t have a
“monopoly” on this.

It’s been endemic through our
land use regulatory systems for years as well – creating
the bubble conditions that provided the foundation
(scarcities and perceived scarcities), for the widespread
perception that inflating house prices would continue
forever.

And the
Authorities played it for all its worth – as they of
course welcomed the bubble revenues with open
arms.

California is a lesson when things go in
reverse.

Did many care about the young and poor people who
were denied their right to the opportunity of home ownership
and affordable rental homes, while these bubbles were
inflating?

Did many care when young and poor people were
saddled with household debt of 4, 5, 6 through to 11 (Herb Greenberg - Mortgage Mess) times
their annual household earnings – when they should have
just 2.5 times annual income mortgage on homes that didn’t
cost them any more than 3 times their annual household
earnings.

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